cxsjr
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Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:03 pm

Our breakfast TV show is today running an article on how Britons are getting deeper into debt by taking out mortgages they can't afford.

Apparently a much larger proportion of our European neighbours rent their homes but I'd be interested to get a view from across the globe.

So, do you own your home or do you rent?

Also, out of interest, what kind of monthly rent would you expect to pay for a 2 bedroom apartment within 10km of larger city centres in a decent location?

Thanks folks for any feedback.
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9VSPO
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:12 pm

Own it and don't have a mortgage.
 
Banco
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:17 pm

Own two. Live in one and rent out the other.
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rodge
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:28 pm

I currently rent a house, but am in the process of buying. I am only using 70% of the mortgage i have been offered to avoid getting into the 'cant afford' situation.

Quoting Cxsjr (Thread starter):
Also, out of interest, what kind of monthly rent would you expect to pay for a 2 bedroom apartment within 10km of larger city centres in a decent location?

The house I am currently in is about 20 mins on the train from Manchester and costs me £450.00 pcm.
Smile
 
ZKSUJ
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:32 pm

Renting right now. Won't be buying a house for a few years yet
 
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EA CO AS
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:39 pm

Owned a house and a condo, but finally unloaded the condo and kept the house.
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Superfly
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:40 pm

The last time I answered this question I got flooded with junkmail in my mailbox and emails so I am not telling.  no 
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VHVXB
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:43 pm

Neither. I live with my parents.
 
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HAWK21M
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 5:54 pm


Live in my own House in a crowded city with 24x7 noise  Smile
regds
MEL
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skyman
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 7:03 pm

Quoting Cxsjr (Thread starter):
Also, out of interest, what kind of monthly rent would you expect to pay for a 2 bedroom apartment within 10km of larger city centres in a decent location?

I rent  Sad .
Your question is difficult to answer because of totally different prices between the cities in Germany, but in general if the apartment is in a descent condition about 700 - 1000 €.
 
oly720man
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 7:12 pm

Mortgage that'll top £500/month if there's another interest rate rise.
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bill142
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 7:16 pm

Currently free loading off my mother. Would like to buy rather then rent, but at the moment the sums simply don't add up.
 
miamiair
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 7:33 pm

I own mine. The problem home buyers here in Florida face now is the taxes. I pay taxes on the assessed value (usually less than the sale price). People buying homes now must pay taxes based on the sale price. This makes your tax bill a lot higher. If I was to sell my house and buy another one, I would be screwed into paying higher taxes unless I bought a two room cardboard box under a bridge.

As to the mortgages, one of my co-workers just told me about a forty year mortgage...talk about paying interest over time...The norm is a 15 and 30 year mortgage.
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kazzie
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 7:41 pm

I live with my mum still.

Things are great now, She pays half the rent I pay the other, She has her new car I have mine, we split the shopping and im hardly at home now! Couldnt ask for more!

 Smile
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sunshine79
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 8:18 pm

I rent at the moment. I pay 250 euros per month and that includes the bills. I share a three bedroom apartment with another woman (now my drinking partner) I have a bus stop and supermarket around the corner from me and it's 20 minute walk into the centre of Benidorm. With the price of property in this area, I highly doubt I will ever be able to buy anything (apart from a tent!)
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Coal
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 9:36 pm

I rented an apt for the past 4 years (college). Right now living with parents until November. From then on the company I'll work for will pay for my apt's rent for three years. Funny thing is I have never paid a monthly rent in my life.

Coal
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JGPH1A
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 9:44 pm

I am a rental,

Signed

Cornish
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JGPH1A
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 9:45 pm

I am renting a flat at the moment, in hindsight I should have bought somewhere when I moved to France, but the prices are silly now, so too late. At least I don't have huge debts though, and after all, what do I need to own property for ?
Young and beautiful and thin and gorgeous AND BANNED ! Cya at airspaceonline.com, losers
 
carmenlu15
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 10:52 pm

Neither, I still live with my parents.

But if you insist... The house is owned, but we're still stuck with the mortgage. However, if you want to get a better idea of the situation by country, I'd say the majority of people here rent their places rather than owning them.
Don't expect to see me around that much (if at all) -- the contact link should still work, though.
 
LHMark
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RE: Do You Own Or Rent Your Home?

Wed Sep 13, 2006 10:54 pm

I've owned my townhouse since 2000. It's vastly better than renting. For the same monthly outlay, perhaps a bit less, I've built up a tidy chunk of equity.
"Sympathy is something that shouldn't be bestowed on the Yankees. Apparently it angers them." - Bob Feller
 
777DadandJr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 12:24 am

Quoting Cxsjr (Thread starter):
So, do you own your home or do you rent?

I own my home. Bought in 1992 for $77,000US. Current value is $170,000US.
My mortgage is $723.00US/month and I have 5 years to go.

Quoting Cxsjr (Thread starter):
Also, out of interest, what kind of monthly rent would you expect to pay for a 2 bedroom apartment within 10km of larger city centres in a decent location?

In this area, a 2 bedroom apartment averages around $600.00US. I don't consider my town as a "large urban center."

It's amazing though how housing prices vary so wildly. For eaxample, my parents, who live outside of the Baltimore area, own a 40 yr old, 3 bedroom, 2 1/2 bath rancher, on 1/4 acre lot in a nice mature suburb. Those homes sell for around $375,000US, currently.
Where I live, in York, Pa, (only 50 miles from my parents) the same house would sell for less that $200,000.
Rents in my parents area range from $800/mo to $1500/mo. That, to me, is pure insanity!

Russ
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dtwclipper
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 12:35 am

I built a house in '99 and will own it outright sometime in the next 20 years.
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sean377
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 12:39 am

Homeowner here.

If you can afford to rent, then you should be able to afford a mortgage.

The biggest problem these days is getting a mortgage in the first place, given the deposit needed. 100% mortgages (and higher) are available and are worth considering if you can afford the monthly repayments. As LHMARK says, you'll quickly (the way things are going) build up a nice equity.

Rent, and someone else gains at your expense.
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IFEMaster
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 12:44 am

I own a 4 bed detached, purchased for $275,000, now valued at $600,000. Mortgage payment is $1627 a month. Cheap, considering the house opposite, which is similar in size to mine, rents for $2200 a month.

Property prices are starting to dip here, so I'll be selling up soon and possibly moving to Washington, where I should be able to own without a mortgage.
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A332
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 12:56 am

I've owned my house for 2 years now, and buying a house in Calgary at that time was a smart investment, my paltry $200K commitment is now worth $400K...

I got sick of renting... now I'm the landlord. I have 3 roommates living with me which makes it a good deal for all... I pay like nothing, they pay very little, and they will be here for a long time... it's a win/win all around.
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RobertNL070
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:12 am

Own two houses. One co-owned in The Hague with mortgage, and one small apartment in Andalucía, mortgage paid off. Between 2nd and 27nd October I'll be the proud (co-)owner of three houses: our current home, our new home and the apartment in Spain.

One question: how much is your mortgage interest? We've just secured a 4.9% mortgage for 10 years. And do you still have mortgage tax relief as we do here?

 bouncy 
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IFEMaster
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:15 am

Quoting RobertNL070 (Reply 25):
how much is your mortgage interest? We've just secured a 4.9% mortgage for 10 years. And do you still have mortgage tax relief as we do here?

Currently 2.9% capped over 15 years. Yes, there is tax relief.
Delivering Anecdotes of Dubious Relevance Since 1978
 
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falstaff
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:21 am

I used to rent my house (2000-2004) in the summer of 2004 I bought it. $868 per month...
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MD-90
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:34 am

Until you pay off the mortgage, you're still renting, just from the bank, not a landlord.
 
CPDC10-30
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:42 am

Quoting Sean377 (Reply 22):
If you can afford to rent, then you should be able to afford a mortgage.

Not if you are relativley new to the country though. I won't be eligible for a mortgage for at least a couple of years (they don't count Canadian credit history). I'd be happy to make a 10 or 15 % deposit but there's no takers. Hopefully the market will have crashed by the time I'm eligible  Smile

In central Manchester I am paying about £550 a month for a decent sized 1 bedroom apartment. It is actually larger than the 2-bedroom I had before.

Quoting MD-90 (Reply 28):
Until you pay off the mortgage, you're still renting, just from the bank, not a landlord.

Not true at all - if you have the approval from the lender you can rent it out. This is a huge business in the UK - rent out the property while hoping for a quick gain on the price paid.
 
dtwclipper
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:47 am

Quoting MD-90 (Reply 28):
Until you pay off the mortgage, you're still renting, just from the bank, not a landlord.

True to a certain degree, however as your property appreciates in value you have made money, something you are not doing with a rental.
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cxsjr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 1:53 am

Quoting JGPH1A (Reply 16):
I am a rental,

Signed

Cornish

That's wicked when he's banned and can't possibly defend himself .... funny though!  rotfl 
The world is a book, those who do not travel read only one page ....
 
777DadandJr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:00 am

Quoting MD-90 (Reply 28):
Until you pay off the mortgage, you're still renting, just from the bank, not a landlord.

I disagree.

If you are renting, when you leave, you walk away......with nothing.

When you own your home, and have paid your mortgage in full, you can walk away, but you get money back out.

I am not saying that no one should rent. There are many situations that renting is the best option. But to generalize and say that buying is the same as renting is far from reality.

Renting will return $0 on your money.

Russ

[Edited 2006-09-13 19:00:48]
My glass is neither 1/2 empty nor 1/2 full, rather, the glass itself is twice as big as it should be.
 
cxsjr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:03 am

Quoting Sean377 (Reply 22):
If you can afford to rent, then you should be able to afford a mortgage.

Sorry Sean but you're not really correct there IMHO ....

Interest rates are on the up now. I could've afforded to buy but right now, the apartment we're living in costs £650 per month rental. If I were to buy the same apartment with a 10% down payment and a mortgage of circa £162K, the repayments would be nearly £1,000 and that's now; if, and it's a big if, mortgage rates hit those of the early 90's, that repayment could rocket as high as £1,600! (granted, rent's would increase too).

These figures are based on a repayment mortgage; the cheaper mortgages of the 90's based on endowment seem to be a thing of the past as endowment policies can now rarely be guaranteed to reach the required levels of return to repay the mortgage.

So in truth, it looks to me like it's cheaper to rent .... and a hell of a lot easier to move when you want to.
The world is a book, those who do not travel read only one page ....
 
cxsjr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:07 am

Quoting CPDC10-30 (Reply 29):
In central Manchester I am paying about £550 a month for a decent sized 1 bedroom apartment.

We just moved from a one bedroom in Manchester city centre @ £900 a month unfurnished. Now in a 2 bedroom a month 6 miles from town at £650 and a much nicer area (IMHO)!
The world is a book, those who do not travel read only one page ....
 
Thom@s
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:41 am

Rent an appartment in Førde, Norway where I work. About 50m2. with a 5 min drive to the town centre. I pay roughly £300 a month, and that includes electricity. A Good deal if you ask me.

Only renting as I first of all can't afford the alternative, and it is only a temporary place to live, hopefully.

Thom@s
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bushpilot
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:48 am

I rent the house that I live in. Its two bedrooms on about an acre, rent is $900 plus utilities. Not a bad deal where I live. Has a steambath outside, as well as fire pit, private well, decent lawn, neighbors nearby but you cant really see them.
I also own some land, two lots, one in my curret town that I plan on building a house on soon, and 5 acres in the middle of nowhere with a hunting cabin on it.
 
Banco
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:51 am

Quoting Cxsjr (Reply 31):
That's wicked when he's banned and can't possibly defend himself

I'd have thought choosing the time he can't defend himself is exactly the moment to attack him, wouldn't you?  Wink

No doubt he'll be sending me a grumpy email tomorrow. Big grin
She's as nervous as a very small nun at a penguin shoot.
 
BigOrange
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:52 am

I own my house with a mortgage of about $1400 a month.

Previously rented an apartment for a year and couldn't wait to get out of the scummy complex!
 
andessmf
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:53 am

Own. Bought in 2003 as prices were starting to skyrocket. Have good equity on it but we dont plan on moving anytime soon.

For the apartment, I would assume about $1200.
 
TNNH
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 2:54 am

Renting a 1br apartment on the 17th floor of a bldg in Midtown Manhattan for $2780/month with a roommate. He pays 1540 and I pay 1240 (I live in a room carved out of the living room with a manufactured wall).

Working out well. The same apartment would rent now for about $3700, but rent control prevents the landlord from raising our rent dramtically if we continue to rollover the lease.

TNNH
 
sean377
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 3:44 am

Quoting Sean377 (Reply 22):
If you can afford to rent, then you should be able to afford a mortgage.



Quoting Cxsjr (Reply 33):
Sorry Sean but you're not really correct there IMHO ....

That's why I put the word should in italics. Of course it depends on the individual circumstances, and there are so many variables.

But I agree with everything you've said.

In my particular case, my mortgage is a lot less than it would cost me to rent the same house in my street.
Flying is the second greatest thrill known to man... Landing is the first!
 
cxsjr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:01 am

Quoting Banco (Reply 37):
No doubt he'll be sending me a grumpy email tomorrow.

Can't he be banned from sending emails for two weeks too?  wink 

I guess I'll be getting one too for daring to suggest the attack was funny!
The world is a book, those who do not travel read only one page ....
 
JGPH1A
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:02 am

Quoting Cxsjr (Reply 31):
That's wicked when he's banned and can't possibly defend himself .... funny though!

That's the best time - slag them when they're down ! This will teach him a lesson far more than a mere banning, and will serve him right for emulating Kirkie and getting himself banned. No good can ever come of emulating Kirkie - this is an immutable law of the universe.

Quoting Banco (Reply 37):
No doubt he'll be sending me a grumpy email tomorrow.

Tell him we know the REAL reason for his banishment (something to do with lewd and unnatural advances to a Moderator - or possibly just overcharging) biggrin  - and that the "signed by's" and other slagging will continue until he books a ticket to Iceland.
Young and beautiful and thin and gorgeous AND BANNED ! Cya at airspaceonline.com, losers
 
Banco
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:08 am

Quoting JGPH1A (Reply 43):
or possibly just overcharging

An understandable error. I believe he first asked what your rate was, and promptly doubled it. How was he to know that said moderator liked the grime?
She's as nervous as a very small nun at a penguin shoot.
 
JGPH1A
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:12 am

Quoting Banco (Reply 44):
An understandable error. I believe he first asked what your rate was, and promptly doubled it. How was he to know that said moderator liked the grime?

The difference you see is quality. Like full service vs no-frills (although anyone who's seen Cornish in his Vivienne Westwood basque would retain any fondness for frills afterwards), some of us can charge more and still give value for money  Smile
Young and beautiful and thin and gorgeous AND BANNED ! Cya at airspaceonline.com, losers
 
cxsjr
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:17 am

Quoting JGPH1A (Reply 43):
until he books a ticket to Iceland

.... but only Mum's go to Iceland; where do Daddies go?  wink 
The world is a book, those who do not travel read only one page ....
 
Banco
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:20 am

Quoting Cxsjr (Reply 46):
but only Mum's go to Iceland; where do Daddies go?

Cornish is a Daddy?  Wow! God, how pissed did he get that night?
She's as nervous as a very small nun at a penguin shoot.
 
PlymSpotter
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:30 am

I currently rent a room in a flat in Birmingham, it works out at about £60p/w and thats including all utilities bills and the like, not in a great area but its got a badminton court next door which is great bigthumbsup 

Back home I live with family just outside of Plymouth in a house that we own, and we also own another house in Spain on the Island of Menorca for holidays. Have thought of letting it, as it would go for about £1300p/w during the summer months, but as yet we just keep it as a home from home. 3 days and I'll be out there biggrin 

Dan Smile
...love is just a camouflage for what resembles rage again...
 
JGPH1A
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RE: Do You Own Or Rent Your Home?

Thu Sep 14, 2006 4:35 am

Quoting Banco (Reply 47):
Cornish is a Daddy?

Must...bite...tongue ! Maybe in certain very specific sub-cultural sense  vomit  biggrin 
Young and beautiful and thin and gorgeous AND BANNED ! Cya at airspaceonline.com, losers

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